Actress Michelle Yeoh launches De Beers’ new diamond brand, Forevermark, in Hong Kong

Hong Kong is set to sparkle as the region's diamond centre following two recent initiatives by global industry leaders.

In October, De Beers - the world's biggest diamond trader - chose Hong Kong to launch its new Forevermark diamond as a testing ground for the China market. This month, (November) the International Gemological Institute (IGI) - world's largest gem grader - is opening a laboratory in Hong Kong to monitor developments in the Chinese mainland.

According to De Beers, the quality of Hong Kong retailers and its vibrant domestic market influenced the company's decision to launch Forevermark - the brand of diamond where each stone bears an inscription, invisible to the naked eye, offering "a guarantee that it has been watched over by experts at every stage of their journey to the consumer".

"Hong Kong is well-positioned to serve as the first market," said Stephen Lussier, executive director of marketing at Diamond Trading Company (DTC), the sales and marketing arm of De Beers Group of Companies. "It also has many quality, proactive retailers and highly discerning, brand-aware consumers.

Marketing synergies

Marc Brauner of gem grader IGI says Hong Kong offers key advantages to the diamond industry worldwide

"We will continue to assess the success of the Forevermark pilot in Hong Kong and we are very keen to take the learnings of the pilot to inform what we hope will be a gradual rollout strategy. We view the possible rollout of Forevermark to the Greater China region as a natural progression because of geographic proximity and cultural affinity, which allow for considerable synergies in terms of marketing efforts."

Marc Brauner, IGI's worldwide chief laboratory officer and manager of the new laboratory, said Hong Kong's importance as a retail destination will continue to rise in line with China's rising consumption and the Chinese consumers' appetite for luxury products. He added that mainland visitors to Hong Kong are boosting the retail sector significantly, with jewellery products being their second priority after cosmetics.

"The key advantages that Hong Kong offers to the diamond industry globally is its long-established trading mentality and a business infrastructure that includes a free and fair legal framework, a competitive tax environment, diamond banking, diamond exchange, and, very shortly, our laboratory."

Platform to emerging markets

Hong Kong is ideally positioned as a platform to emerging markets, Mr Brauner continued. "Its geographical location is ideal for adapting to and serving both the Chinese mainland and Taiwan, as well as all Asia-Pacific countries down to Australia. Hong Kong is a vibrant, cosmopolitan city that has been and will remain the gateway to the Greater Asian region."

IGI decided to establish a laboratory in Hong Kong because an internationally recognised grading facility was, until now, a missing element in the Hong Kong diamond pipeline, he said.

"Additionally, IGI's grading network of laboratories based in the major import and export markets wouldn't be complete without including Hong Kong. Committed to this fabulous industry, we strongly believe that global thinking coupled with a local approach is the right answer to serving this industry."

Hong Kong will be the ninth facility for IGI, which is established in Antwerp, New York, Toronto, Los Angeles, Bangkok, Mumbai, Tokyo and Dubai.

Related links

De Beers

International Gemological Institute